EU budget-deal slashes CAP

As this article at Open Europe reports, the EU budget-deal will cut funding for the Common Agricultural Policy (CAP) considerably. Between 2007 and 2013, the EU spent 56 billion euros per year on the subsidy component of the CAP, whereas between 2014 and 2020, it will spend 46 billion euros per year on it. (56 billion euros is approximately equal to the GDP of Luxembourg.) Not only will the absolute amount funding for the CAP go down, but so too will the share of the total budget allocated to the CAP. Between 2007 and 2013, the subsidy component of the CAP comprised about 32% of the EU budget, whereas between 2014 and 2020, it will comprise 28% of the budget. At the present rate of change, it will only take about 120 years to get the subsidy component of the CAP below 1 billion euros per year.